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When should you start thinking about writing a Will?

20
Aug

2018

Whether you are getting married, having your first child or moving into your first house with your partner, there are a lot of things you need to think about. But, have you considered that you might also need to be thinking about making a Will?

No one likes to think about death and the idea of passing away. It’s often the case that planning for this event can be left at the bottom of your list. However, when the time comes, only you are in the right position to look after your loved ones and sort out everything you leave behind.

The best way to safeguard both your loved ones and your estate is to create a Will. If you don’t have one already, here are a few of the lifetime milestones that may be coming up and could trigger the start of your Will writing process.

Buying a house

If you are in the process of buying a house, either by yourself or with a partner, now might be a great time to think about writing your Will. You are about to be in possession of quite a large asset. It poses a significant change to your estate’s value, and it could cause some problems if you pass away without a Will. In that situation, you would be dying intestate, which causes a legal process that may result in your estate being split in a way you wouldn’t want.

For example, if you are not married to your partner but you are setting up a home with them, you will need to create a Will to make sure that your partner will be able to receive the house when you pass away. While you will most likely share the mortgage and costs equally, your partner will not be recognised as your next of kin, unless you have a Will to designate them as a beneficiary.

Getting married

When you get married, you are combining the assets and families of yourself and your husband or wife. If you die without a valid will, such as in the example above, you would be dying intestate which could cause your assets to be distributed against your wishes.

Creating a Will allows you and your spouse to make sure that should anything happen to one of you, the other one can be provided for and will receive the rights to any joint assets the two of you possess, such as a house.  Also, in the event of you having children, if you do not have a Will, all possessions will pass down to your children instead of your spouse.

Having a child

While writing a Will may not be the first thing on your mind when you have just had a child, it should be placed high on your priorities. When you have children, it’s important to create a Will so that, should anything happen to yourself or your partner, your children will be looked after by your chosen guardian.

If you do not have a Will and something were to happen, the government would designate a guardian or custodian, who may not be the person you would choose to look after your children. Having a Will in place means that, if the worst were to happen, your children would be looked after by the people that you think would care for them best.

Health scares or loss

Whether you or a loved one have experienced a health scare, or there has been a loss in your family, it may make you think about what provisions you have in place for the future. Making a Will means that, should you have a health problem, everything is already in place to help your loved ones during that time.

Instead of being unprepared for the future, you will be able to plan for what will happen when you pass away. Thus ensuring that your loved ones are provided for and supported at the time. You will also be able to designate a lasting power of attorney, which allows a family member or close friend to make medical decisions regarding any treatment you need if you are unable to make those decisions yourself.

Starting a business

If you are starting a business or joining a family business, it may be time to take a look at your existing Will or begin the process of creating one. Any assets that your business creates will be included in your estate and will therefore need to be divided up among your beneficiaries when you pass away.

If you are looking to pass on your business to a family member or child when you die, those plans will need to be set out in your Will. This will ensure that the process of handing the business over can be done smoothly and reflect your business succession plan.

Inheritance

Everyone dreams of winning the lottery, but it does not happen often. However, it is not uncommon to receive a large sum of money in the form of inheritance or repayment. When this happens, it is a good idea to consider creating a Will, since your estate has significantly increased, and you would want the money to be designated following your wishes should something happen to you.

If you are coming up to any of these life milestones, it may be a good idea to start thinking about writing a Will. Here at Funeral Planning Experts, we are more than happy to put you in touch with someone who can help you get started on the process. Remember, you may need to revise your Will during the course of your life so, the sooner you start it, the fewer changes you might have to make.

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